What`s in store for the job market in the first half of 2016?

What’s in store for the job market in the
first half of 2016?
Singapore, March 17, 2016- In view of global economic shifts and
changing labour market, jobsDB speaks to candidates and hiring managers
to gain insights into market sentiments, drivers to career changes and
factors that affect job satisfaction that shape Singapore’s workforce.
Market Perception Gap: Hirers to employ, but
Candidates think otherwise
Interestingly, 70% of candidates surveyed were not as positive in terms of
availability of jobs in the next six months of 2016. However, 72% of
hiring managers across various industries including as HR, Manufacturing,
Accounting and Financial Services, Engineering, Education mentioned
that they plan to increase headcount (with 28% stating that they will freeze
headcount). Hirers are looking into hiring primarily junior to mid-level
talents.
Job Search Drivers: Better paying job
Candidates are driven by their pursuit of better paying jobs and career
advancements, however top constraints to hiring candidates include salary
and qualification mismatch.
Salary Increments: Impact on talent retention
Although there are salary increments expected by candidates, with hirers
confirming such; a majority of (54%) candidates say that this is not
enough to keep them in their current roles.
New hiring tools
“As such trends are evolving, recruitment strategies should be able to
adapt and ensure that we empower hirers in reaching out and tapping into
the market efficiently. Hirers are taking on a more active approach, in
addition to the traditional job ad posting to maximise reach as 82% of
hirers say that they are considering proactive candidate database search
can be done through Talent Search”, said Ms. Chook Yuh Yng, Country
Manager of jobsDB Singapore-Malaysia.
{Scroll down to view the infographics}
About jobsDB
At jobsDB, we believe in an open and inclusive world for all. Here,
opportunities and possibilities are plenty: A fresh start. A new career. A
welcome change. These are just a few of the things we help people
explore.
As a leading job portal with substantial positions across Hong Kong,
Indonesia, Singapore and Thailand, we are Asia's preferred destination for
job seekers. With a team of 800 talented individuals, we've a strong local
presence in every country we're in.
With our understanding and insights on each market, as well as our
passion for technology, we provide candidates the best opportunities and
deliver exceptional value to hirers.
About SEEK Asia
JobStreet.com and jobsDB are part of SEEK Asia, which is the leading
online employment market place in Asia. SEEK Asia covers 7 countries
namely Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Thailand
and Vietnam.
SEEK Asia is the extension of the Australian Securities Exchange listed
company called SEEK. The company’s purpose is to help improve
people’s lives through a better career. SEEK Asia’s database consist of
over 500,000 corporate hirers and over 24 million candidates.
What’s in store for the job market
in the first half of 2016?
In view of global economic shifts and changing labour market, jobsDB speaks to candidates and hiring managers to
seek insight into sentiments, drivers to career changes, factors that affect satisfaction that shape Singapore’s workforce.
Market Perception Gap: Hirers to employ,
but candidates think otherwise
Job Search Drivers: Better paying job
Candidates’ are driven their pursuit of better paying
jobs and career advancements, however top
constraints to hiring candidates include salary and
qualification mismatch.
Interestingly, 70% of candidates surveyed were not
as positive in terms of availability of jobs in the next
six months of 2016. However, 72% hiring managers
across various industries including as HR,
Manufacturing, Accounting and Financial Services,
Engineering, Education mentioned that they plan to
increase headcount (with 28% stating that they will
freeze headcount).
Salary Increments: Impact on talent retention
Candidates’ are driven their pursuit of better paying
jobs and career advancements, however top
constraints to hiring candidates include salary and
qualification mismatch.
Hirers are looking into hiring primarily junior to
mid-level talents.
New hiring tools
“As such trends are evolving, recruitment strategies should be able
to adapt and ensure that we empower hirers in reaching out and
tapping into the market efficiently. Hirers are taking on a more active
approach, in addition to the traditional job ad posting to maximise
reach as 82% of hirers say that they are considering proactive
candidate database search can be done through Talent Search”,
said Ms. Chook Yuh Yng, Country Manager of jobsDB
Singapore-Malaysia.
Welcome to Recruitment Centre!
Talent Search
Search
A vis-à-vis comparison of candidate and hirer insights
Perception on job market opportunities
30%
28%
are optimistic that
there will be more
jobs in the first
half of 2016
are freezing
headcount
70%
72%
are pessimistic
about availability
of jobs in the next
6 months
are increasing
headcount
Candidates
Hirers
Job search and hiring status
72%
25%
are either actively looking for job opportunities,
or are on the lookout for better options in 2016.
3%
are staying in their
current roles.
are considering changing jobs should there
be an offer through headhunting or referrals.
Candidates
73%
Functions to be mainly hired for are:
Sales
Administrative and office support
Engineering
Marketing and communications / IT
Accounting
of hirers are mostly hiring for:
Junior executives with 1 to 3
years work experience.
Followed by
More conservative hiring for roles in:
55%
37%
Senior manager
and up
Managers/
entry level
Senior
executives
Hospitality / food and beverage
Banking and finance
Public sector / real estate
8%
Hirers
Drivers to career change/candidate screening
Hiring constraints experienced by employers:
57%
61%
Better job
prospects
Qualification
mismatch
47%
63%
Better
benefits
Better
Salary
64%
48%
Salary
mismatch
Candidates
Low application
rate from
candidates
Hirers
Retention strategies
30%
27%
Majority of candidates are
expecting around 3 to 6%
salary increment in 2016.
More conservative
expecting 1 to 3%
increment.
Although this is the case,
54%
are not compelled by such
to stay in their current roles.
Candidates
40%
28%
of hirers indicated that salary
employees can expect a 3 to
5% salary increment in 2016.
Only
9%
of hirers say that no salary
increment shall be given in 2016.
are gauging around
1 to 3% increment.
Hirers
Drivers to application/ talent search
Candidates are driven by the
following factors in considering
applications to a role:
Hirers consider the following as the
most important factors in considering
candidate applications:
Available work portfolio
72%
Salary range
of the job
61%
Employer
responsiveness
to application
Well structured resume
45%
Information on
company
culture in the
advertisement
Referrals or endorsement
Candidates
Hirers
Candidate tips
These insights are meant to be used as a guide for candidates to be more aware of which areas to improve on,
especially on package negotiation and skill set presentation.
Fresh Graduates
Candidate suitability to jobs
Only 10% say they are not hiring fresh talent 54%
said yes, while 36% are undecided.
Although candidates screened had sufficient work
experience, salary expectation has lowest rating
among factors identified.
Hirers considering fresh graduates indicate the
following top reasons for such:
• Trainability
• Adaptability
• Good presentation skills
• Good working disposition
• Flexibility in salary and compensation
Hirer’s candidate search tools
82% are considering proactive candidate search
through database access
Factors on candidate search in order
1. Latest job function (4.38)
2. Employment Period (4.13)
3. Years of working experience (4)
4. Nationality (3.86)
5. Highest level of education (3.70)
6. Latest job titles (3.63)
7. Latest employer (3.61)
With an active candidate pool applying for roles, hirers
should be able to maximise available hiring tools to
ensure they find talent that match their requirements.
The talent force should keep their expectations and
demands in check.